The Superior times. [volume] (Superior, Wis.) 1870-1912, 1887-12-17

the existing CONultlOnS OF labor anu
capital. sufficient reduction can be made
in the taxation of necessary articles
which are in the daily use of all the peo-
pie.
and now there is left only the reve-
nue. from customs taxation TO be consid-
cred. Here is where the reduction should
be made, and while reducing, advantage
should be taken of the opportunity 10
reform the abuses and inequalities of
the tariff laws. Add to the free list
as many articles as possible. Reduce
duties upon very dutiable article to the
lowest point possible; but in ascertain
ing these possibilities the present situa-
ton of labor and business must always
be kept III mind.
THE SURPLUS IN THE TREASURY.
''After the question of the annual sur
plus revenue is disposed of, lere still
remains the surplus money which is in
the treasury to be considered. This sur
plus amounted, ON the lSt day of
December, 10 S55, ,25S, 70l.l9, and will
probably amount to about Sl40,-
000,O00 on the 30th day of next June
One use which can be made of this
money is to diminish taxation to such
an extent that the annual revenues will
be less for some years TO come than the
It ppIOpT4atlOHSS tHuS liie accumulated
surplus would be used for ordinary
expenses and the people would
gain the greatest possible good from it.
Doubtless by the time this money was
spent In pursuance of tins plan the rev.
enueS would have so increased as to be
equal to proper annual expenses. Ex-
perienCe teaches that this would prob
ably be the case. In the meantime a
portion ofthis money could lie in banks,
where it would be available for
the business of the country, and,
as upon withdrawal from them,
it would be at once returned
to the channels of business through gov
ernment payments, no shock would be
caused by such withdrawal. As this is
the best use to make of money, advise
it. II, however, it is thought better to
attempt to buy bonds with it, | should
like TO have specific authority given to
the secretary of the treasury to do so.
SILVER COINAGE.
The report shows that the circulation
OF the standard silver dollar has in
creased $40, ,465, 800 during the past year.
In regard to this the secretary saws:
"One ofthe most interesting facts shown
by the foregoing statement is the de-
crease IN the number Of standard silver
dollars owned by the government and
the increased use of the same money bv
the people in the form of silver certifi-
Gates. The s., 81 and 81 certificates
furnish convenient currency, and it is
evident that the future use of the silver
dollar will be almost exclusively in that
form. The law should be
so amended as to authorize
the secretary of the treasury
to issue certificates against the coming
value of the bullion bought and to coin
only such number of dollars as he
might deem expedient hereafter.
1t would be a neglect of duty did / not
call the attention of the Congress to
certain safeguards which ought to be
thrown about the standard silver dollars
to protect from possible loss the
people among whom it and its repre-
sentative. the certificate, is so univer-
sally distributed. Provisions should be
made against a time when there NAV be
more of that form of money than is re-
quired for the business of the country.
The first symptom of this will be in
ernment; this increase viii take place
because the government paws to the
people that kind of currency which
they wish to have and receives
that kind which they wish to
pay, consequently the government will
accu mulate the form of money which
the public least desires. There should
always be in the treasury enough silver
beside that held against outstanding GER
tihcates to enable the government to at
once supply any demand for it on the
part of the people; but all held in the
treasury in excess of that amount is
absolutely useless for any pur-
pose and is in fact menace to the sill
va hi oh l.,
the United States notes and national
bank notes, to the whole circulating
medium, eXcept gold; therefore it would
be the part Of wisdom to prevent
any accumulation of silver in the
treasury beyond a sufficient reserve
needed TO meet any demand
which may be made for.it. This can be
done by fixing the amount of such re-
serve and providing that when it is ex-
ceeded by say $1,000, 900, the purchase
of bullion shall cease until the amount
held by the government again
EQUALS SUCH RESERVE.
Another plan, and somewhat similar
to that recommended by my predecessor
in his last asnual report, would be to
provide that when the reserve was ex-
ceeded, an amount of United States
notes equal in value to such excess
were in the treasury; but If not, then
the purchase of bullion to cease until
the maximum reserve should be
reached. This would create vacuum
in the circulating medium which would
be filed by silver. The amount
of United States notes would
be gradually reduced until the
whole were extinguished. silver dollars
or silver certificates would take the
place of United States notes as they
were retired. This plan would make
our currency more uniform and as Sc
cure as now.
Neither of these plans, if adopted,
would diminish the actual or potential
use of silver as currency by dollar. In
my judgment, it would be promoted
The balance of the report is taken
up with reports of customs, revenue,
marine, emigration and the coast sur
VpV